Brief Overview:
MahaRERA mandates developers to maintain 3 separate designated bank accounts for the monies received by home buyers with a single bank for each project.
Technical Details:
1) MahaRERA requires developers to maintain different designated bank accounts for the monies received by home buyers.
‘RERA Designated Collection Bank Account’ – 100% of revenue from the home buyer.
‘RERA Designated Separate Bank Account’ – 70% of funds allocated for project’s land & construction costs.
‘RERA Designated Transaction Bank Account’ – balance 30% of funds.
2) In case of more than one promoter sharing revenue, additionally a ‘RERA Designated Master Account’ to be opened to receive all collections from the home buyers.
3) The accounts to be closed only on completion of the project & grant of the full occupancy certificate.
4) RERA Designated Collection Bank Account & RERA Designated Separate Bank Account should not be an escrow account and be free from any encumbrances/lien.
5) Payments due to cancellations to be made by RERA Designated Separate Account and then the RERA Designated Transaction Bank Account.
6) Interest/compensation to the allottees & any penalties imposed by MahaRERA on the promoters will be paid from the RERA Designated Transaction Bank Account.
This direction is effective from 1st July 2024 and is applicable to projects that are registered with MahaRERA on or after 1st July 2024.
JC takeaway:
This direction will improve financial discipline, uniformity and facilitate transparent monitoring vis-a-vis management of revenues and project related expenses.
For further details, please see:
https://maharera.maharashtra.gov.in/sites/default/files/Orders_and_circulars/Order_No_56_2024.pdf
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